OPEC+ sources said there had been no progress in resolving the matter and Monday’s meeting was called off. OPEC+ ministers called off oil output talks on Monday after clashing last week when the United Arab Emirates balked at a proposed eight-month extension to output curbs. But on Monday, OPEC+ sources said there had been no progress in resolving the matter and Monday’s meeting was called off. OPEC+ agreed record output cuts of almost 10 million barrels per day (bpd) last year as the pandemic hit. The UAE in August 2020 also agreed to normalise relations with Israel, while Saudi Arabia has no official diplomatic relations with Israel.

Source: The Hindu July 05, 2021 15:33 UTC